International Internet Magazine. Baltic States news & analytics
Wednesday, 29.06.2016, 15:40
The last ten days in June 2016 will go into the EU’s history: almost completely unexpected results of the UK’s referendum proclaimed the country’s exit from EU. The so-called Brexit will have a far-lasting effect on both the rest of the EU and on the three Baltic States. The latter have a solid chance to develop a common position to defend their common interests in the EU-UK process of negotiations.
The EU goes several ways to activate growth: through pushing forward the “banking union”, through “new blood” in the capital markets and by the strategic investment plan. The latter is just one year old but expected to be a good platform for economic development. The Baltic States can use all these opportunities to streamline their economies.
Thinking and doing “Nordic” becomes both fashionable and perspective in modern world. The US government decided to invite Nordic leaders to the White House to get first-hand information on the region’s progressive development. Is there anything that the Baltic States can emulate too?
Social issues have been a high EU priority during the whole Union’s integration history, at least theoretically. Now, the Commission wants to turn these issues into a reality; the message is clear: social partners in the states have to be more active in shaping progressive and modern economic development.
In order to streamline EU’s integration, the Commission “constructed” some years ago a specific political instrument to coordinate the states’ economic and financial policies. It was called European Semester, as twice a year the EU institutions checked EU-28 states’ development; the process is still called a “partnership” though some argue that it restricts states’ sovereignty.
Most important in the new Commission’s guidelines on several new “unions” is the energy one. Several new approaches have been released during last two years, including energy security, solidarity and sustainability. Recent strategy’s package will have a lasting effect on the Baltics policy in energy issues.
The rules for the EU single market and the work of the banking authority (EBA) in the last five years strengthened the regulation and supervision of European banking sector. Radical overhaul of EU's regulatory and supervisory framework for banks (with about forty separate pieces of legislation) played an important role in making EU’s financial system more secure.